Friends
Softening economic data appears to be giving the bulls reason to believe that the Fed will pause or perhaps even fully stop its inflation fighting monetary policies this summer. The chances of a rate hike in June appear to be lessening and investors are looking on the bright side of economic slowdown. Also, it appears that the debt ceiling deal which passed the house will also pass the Senate and the U.S. will be spared the embarrassment of ratings downgrade or worse.
For the day, the Dow Jones Industrial Average was up 153 points to close at 33,061. The S&P 500 was up 41 points to finish the day at 4,221. The Nasdaq Composite Index was up 165 points to close at 13,100. Gold was up $13 to trade at $1,995 per ounce, while oil was up $1.97 to trade at $ 70.06 per barrel WTI.
Remember, we have the all-important non-farm payroll number tomorrow and analysts expect that about 190,000 new jobs were created in May. Today’s ADP private payroll number showed surprising strength so tomorrow’s number should be an interesting one to watch. We’ll let you know how the week finishes up tomorrow.
Have a nice evening everyone.
